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Technical analysis of USD/CHF for April 03, 2018

Overview:

The USD/CHF didn't make significant movement yesterday. There are no changes in my technical outlook. The bias remains bullish in the nearest term testing 0.9625 or higher. The USD/CHF pair will continue to rise from the level of 0.9525. The support is found at the level of 0.9525, which represents the 61.8% Fibonacci retracement level. The price is likely to form a double bottom. Today, the major support is seen at 0.9525, while the immediate resistance is found at 0.9583. Accordingly, the USD/CHF pair is showing signs of strength following a breakout of a high at 0.9583. So, buy above the level of 0.9583 with the first target at 0.9605 in order to test the daily resistance 1 and move further to 0.9625. Besides, the level of 0.9625 is a good place to take profit because it will form a new double top. Amid the previous events, the pair is still in an uptrend; for that we expect the USD/CHF pair to climb from 0.9525 to 0.9625 today. On the other hand, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9525, a further decline to 0.9450 can occur, which would indicate a bearish market.